Bitcoin’s Push to $11,000 Comes Following Intense Accumulation from Whales
Until $11,200 is broken above, it remains too early to say with full confidence that a move towards $12,000 is brewing.
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Image Courtesy of Byzantine General.
How the entire market trends next will depend on Bitcoin.
1 pattern to be conscious of that could be influencing the continuing upswing is an accumulation trend amongst big Bitcoin investors.
“I told you whales were trying to shake you out. It seems like there was heavy accumulation happening when we dipped to 10200,” he said with regard to the below data.
Bitcoin and the entire crypto market are pushing higher. BTC is now fast approaching its heavy resistance around $11,000, with a break above this level opening the gates for a move towards its next resistance at $11,200.
- Bitcoin is currently in the process of pushing towards $11,000, although it is facing some slight selling pressure at this level
- The cryptocurrency now appears to be positioned to rally greater in the near-term, as it managed to place an incredibly bullish weekly candle near yesterday
- Within one minute of the candle closing, BTC’s price rocketed by countless dollars
- One interesting trend that appears to be backing this movement is a pattern of accumulation amongst so-called”whales”
- An analyst observed that the body of investors had been heavily accumulating BTC during the recent dip
Bitcoin Rallies Towards Key Resistance as Selling Pressure Dissipates
Where it trends throughout the coming few weeks must depend mostly on the degree of the resistance between $11,000 and $11,200.
Whales Are Aggressively Accumulating During Recent Downtrend
1 group of investors who may perpetuate this uptrend is so-called”whales,” as data suggests that they’ve been aggressively increasing their BTC exposure during the course of the recent downtrend.
Released at Mon, 28 Sep 2020 23:00:04 +0000
At the time of writing, Bitcoin is trading up more than 1 percent at its current price of $10,925. This is around where it’s been trading in the time following its post-weekly close upsurge seen yesterday afternoon.
While talking about this, a respected analyst noted that the dip to lows of $10,200 provided whales with an ideal dip buying opportunity that they took full advantage of.
This surge led the crypto up to highs of $10,980 before it slowed, with the resistance at $11,000 sparking a consolidation period.
This level marks the upper boundary of the wide trading range formed during the past few weeks, using a lower boundary existing at $10,200.